Cairo – Mubasher: South Valley Cement posted a 54% year-on-year profit decline during the full-year 2018.

The cement producer’s net profits amounted to EGP 10.18 million in the 12-month period ended 31 December, compared to EGP 22.14 million in 2017, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The company’s cement revenues retreated to EGP 798.93 million last year from EGP 1.02 billion in 2017.

Operating profit margin plunged on the back of higher production costs, along with a drop in cement prices due to increased supply amid lower demand.

During the first nine months of 2018, the EGX-listed firm incurred losses of EGP 16.88 million, against a profit of EGP 91.06 million in the same period a year earlier.

Sales retreated to EGP 656.3 million in the nine-month period ended September 2018, compared to EGP 784.2 million in the year-ago period.